The 3-Layer, 2-Track, 1-Focal-Point Model for State-Owned Enterprises reform
Huynh Thanh Dien
Nguyen Tat Thanh University
Abstract
This study analyzes the performance paradox of state-owned enterprises (SOEs) in transitional economies, where firms endowed with substantial resources consistently underperform compared to private and foreign-invested enterprises. Using an institutional and governance analytical framework, the paper argues that the root causes do not stem from public ownership itself but from an ownership architecture that lacks clear separation, administrative governance mechanisms, weak managerial incentives, high legal risks, and low transparency. Synthesizing insights from agency theory, institutional theory, and comparative governance, the study demonstrates how multi-layered delegation structures and procedurally driven decision-making reduce efficiency. The paper proposes a reform model comprising three institutional layers, two operational tracks, and a single performance focal point, emphasizing ownership separation, enhanced managerial autonomy with accountability, and improved transparency. The findings offer important policy implications for efforts to strengthen the role of SOEs in modern market-oriented economies.
Keywords: State-owned enterprises; institutional governance; agency theory; public ownership; corporate reform.
Huỳnh Thanh Điền. (2025). The 3-Layer, 2-Track, 1-Focal-Point Model for State-Owned Enterprises reform. Zenodo. https://doi.org/10.5281/zenodo.17718350
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